Factorial Energy (FAC) Stock: Mercedes Backed Battery Maker Jumps 16% on Nasdaq Debut

TLDR

• Factorial Energy completed its SPAC merger with Cartesian Growth Corporation III and began trading on Nasdaq under the ticker FAC
• FAC stock closed up 16% at $13.80 on its first trading day
• The deal raised over $100 million in development capital and valued the company at roughly $1.3 billion
• Factorial develops solid-state batteries with early automotive partners including Mercedes-Benz, Hyundai, and Kia
• The company plans to ship batteries for the Karma supercar in 2027 or 2028, with defense and aerospace as near-term revenue targets

Factorial Energy hit the public markets on Monday after completing its merger with SPAC Cartesian Growth Corporation III. The combined company now trades on Nasdaq under the ticker FAC.

FAC stock closed at $13.80 on its first day, a gain of 16%. The S&P 500 rose 0.3% on the same day, while the Dow dipped 0.2%.

Cartesian Growth Corporation III Class A Ordinary Shares, FAC

The SPAC deal valued Factorial at around $1.3 billion. At Monday’s closing price, the market cap sits closer to $1.8 billion. For context, QuantumScape (QS), the better-known solid-state battery rival, is valued at about $4.7 billion.

The transaction delivered more than $100 million in gross proceeds to fund continued development. Some of that capital will go toward building production capacity for high-specification customers in defense and aerospace.

Factorial makes solid-state batteries, meaning no liquid electrolyte. The pitch is lower cost, faster charging, longer range, and better safety compared to conventional lithium-ion cells. The catch — like the rest of the solid-state space — is that mass production hasn’t happened yet.

One thing that sets Factorial apart from QuantumScape is that its batteries include small amounts of liquid, which means existing battery production equipment can be used to manufacture them. That’s a potentially meaningful edge when it comes to scaling up.

Automotive Partners and Milestones

Factorial’s automotive backers include Mercedes-Benz, Stellantis, Hyundai, and Kia. In 2024, the company shipped so-called B samples to Mercedes — essentially functional prototypes. Mercedes later completed a 1,205 km drive from Stuttgart to Malmö on a single charge using a test vehicle fitted with Factorial’s FEST® cells.

After B samples come C samples to verify manufacturing processes, then D samples, which are ready for mass production. Factorial is still working through that pipeline.

The company’s first planned production program for a passenger vehicle in the U.S. is with Karma Automotive, targeted for 2027 or 2028.

CEO Siyu Huang said the company will produce batteries for high-spec customers at a plant in Korea. Defense applications are less price-sensitive, making them a practical early commercial target while the cost of solid-state manufacturing remains high.

Expanding Beyond EVs

Factorial has been pushing into markets beyond electric vehicles. In Q1 2026, In-Q-Tel — the investment arm tied to the U.S. national security community — made a strategic investment supporting expansion into drones and robotics.

In Q2 2026, Factorial announced partnerships with drone integrators across three continents, including KULR Technology Group, Tulip Tech, and JRES, targeting electric aviation systems.

The company’s Nasdaq Opening Bell ceremony is scheduled for June 17, 2026, with demonstration vehicles and battery cells on display outside the exchange from 10:00 a.m. to 11:30 a.m. ET.

Cartesian Growth Corporation III Chairman Peter Yu said the firm is anchoring the common-equity PIPE and sees Factorial as a long-term value opportunity for investors.

QuantumScape stock edged down 0.1% on Monday.

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